DBefore the climate summit in Sharm el-Sheikh, American President Joe Biden emphasized the global leadership role of the United States in curbing greenhouse gases. In a speech on Friday, he said his country is on track to cut greenhouse gas emissions by 50 to 52 percent below 2005 levels by 2030.
Biden called on all states to commit to the goal of limiting global warming to a 1.5 degree increase. “Russia’s war only makes it more urgent to rid the world of its dependence on fossil fuels,” he said.
Effects of the midterm elections
Biden can refer to legislative packages successfully passed by Congress that mobilize billions in investment for energy, transport and research projects. In fact, it gives the US a realistic chance of halving its greenhouse gas emissions from 2005 levels by the end of the decade.
According to the latest “World in Data” figures, the country emits around 13 percent of global greenhouse gases, less than half as much as China. However, Americans emit twice as much CO per capita2 up in the air like Chinese and Germans.
The midterm elections in the United States could undermine America’s role as a global climate protector. There are many indications that the Republicans can at least win a majority in the House of Representatives and thus gain a decisive influence on government spending. That doesn’t necessarily mean that Biden’s domestic climate projects will be cut back. Experience has shown that Republican members of parliament also support investments in their constituencies.
One probable consequence, however, is that America will hardly release any additional money for climate protection in other countries. Biden’s climate ambassador, John Kerry, had already made that clear.
At the 2009 Copenhagen summit, rich countries including the USA promised to provide developing and emerging countries with 100 billion dollars a year from 2020 so that their governments could pay for climate protection projects. There is disagreement over how the contributions are calculated, but consensus that the United States is nowhere near making its contribution.
Kerry’s idea of climate credits
Biden comforted with the promise that instead of the billions he would provide around 200 million dollars for funds that should make it easier for poor countries to adapt to new climatic conditions. Kerry tries to soothe unfulfilled promises with a new plan.
He wants to win over companies, investors and philanthropic organizations to the idea of directly co-financing climate protection projects in poor countries. The rough idea is that companies in rich countries can buy climate protection credit points from the operators of climate protection projects and thus improve their own climate balance.
On Friday in Sharm el-Sheikh, Biden announced that the United States, Germany and the EU will support Egypt’s energy transition with $500 million in financial aid. This should enable the North African country to achieve an output of ten gigawatts of renewable energy by 2030.